CANADA: Minnesota Power Acquires Canada's Largest Auto Remarketing Company
Minnesota Power, Inc.'s (NYSE: MPL) ADESA subsidiary has acquired the Canadian Auction Group (CAG), a wholesale auto remarketing company with 13 auction sites and dealer financing operations located across Canada. For the twelve months ended May 31, 2000, CAG auctions sold approximately 200,000 vehicles and generated USD $68 million in revenues. The acquisition is subject to post-closing review by Canadian regulatory authorities. ADESA currently operates 32 additional auctions throughout North America.
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